A clear price rejection of the 1.23 zone leads the way for trend continuation lower. If the pair does experience a bounce from current levels this 1.23 area will be hard to breakthrough. Stocks are coming under pressure into year-end as the Omicron variant continues to spread. The low yielding CHF should continue to drive higher in such conditions. The GBP rate hike rally has now run out of puff and succumbed to profit-taking. Buy strong sell weak